Early Redemption: 4NC2, thereafter callable in full at par + 50/40/30/20/10% of re-offer spread after 24/30/36/42/45 months, Make-Whole Call prior to the First Call Date, Issuer Clean-Up Call at par if 25% or less of the Notes remain outstanding
Financial Covenants: Maintenance: Equity Ratio ≥ 25% Incurrence: Interest Cover Ratio ≥ 2.0x for Financial Indebtedness
Undertakings: Limitation on Financial Indebtedness (incurrence test), Distributions (max 50% of previous year’s net profit, EUR 100m liquidity post dividend), Change of Control and Demerger Event Put @ 100%, All-Money Negative Pledge, Disposal restrictions, Cross-Default, Reporting Requirements
Use of Proceeds: An amount equivalent to the net proceeds from the issue of the Notes will be used for (i) the refinancing of the 2027 Notes and (ii) the refinancing of other existing Financial Indebtedness of the Issuer. An amount equivalent to the net proceeds from the issue of the Notes will be used for the financing or refinancing eligible green projects or assets or otherwise in accordance with the Issuer’s Green Finance Framework
Documentation: Standalone Prospectus, RegS only
Governing Law: Finnish Law
Listing / Clearing: Nasdaq Helsinki / Euroclear Finland
Agents: CSC (Noteholders’ Agent) and Nordic Trustee (Security Agent)
ISIN: FI4000602297
JLMs: Danske Bank, Nordea, OP Corporate Bank, SEB and Swedbank (in collaboration with SB1 Markets as distributor)
Sustainability Structurer: Danske Bank
Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties, professional clients and retail clients (all distribution channels). No PRIIPs KID will be produced as not deemed within scope